Pot Firms’ Bags of Cash May Soon Be History: Cannabis Weekly
- SAFE act would give the industry access to financial services
- Companies still want fixes for tax deductions, stock listings
Photographer: Dennis M. Rivera-Pichardo/Bloomberg
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Cannabis companies, forced to deal in cash only due to the federal illegality of their product, saw some legislative headway toward change last week. But there’s still a long way to go before they can bank like regular companies.
The so-called SAFE Banking Act, which would let banks deal with cannabis companies without fear of penalty, was approved by voice vote in the lower house last week as part of the broader National Defense Authorization Act. Now its fate depends largely on the Senate.